All Forum Posts by: Glenn R.

1031 "keeps money in the game".   Why would the government want us to "cash out"?  Seems counter productive to me.   

Change your last name to "Trump"!  ;)

Thanks for all the replies.  You've given me a lot to think about.  

From looking on Zillow I'm seeing that lots are selling for almost as much, or sometimes more than the neighboring homes.  That makes it hard to justify building anything, to rent or sell here.  People want to build their dream homes, and are willing to pay a premium for lots. 

I'll probably just rent out the mobile home for a year or so, so it will be considered investment property, then do a 1031 exchange for less expensive properties to broaden my portfolio.  

There are a few more mobile homes left on the street, so as each one sells the remaining ones seem to appreciate incrementally.  That's a good incentive to take my time.  

I was reading the "Who pays $1300 for rent" thread and many of the replies mention ultra high rents in NYC & SF, etc.  It made me wonder about "the numbers" that make high end rentals work for the owners.  

How much rent should a $2+ million place rent for?  What's the rough formula, or rule of thumb to determine what works financially for the owner?

The reason I'm asking is I was given a waterfront property that is surrounded by an expensive golf course / country club / lake development.  My place has an old double wide mobile home, that is on a lot which is large enough to divide into 2 lots.  Neighboring lots have recently sold for $1.2 million & most of the waterfront homes are worth $2-3 million (a few of the larger ones are close to $5 m ).

Since it was a gift I'll have to pay capital gains if I sell it, so I'm considering different options.  I've grown up here, so there is some sentimental value here.  I'm wondering if it might make financial sense to build a couple of homes here and rent them.  (The city bans short term rentals, so I'd need to confirm what that means.)

Can you guys give me some "blanks to fill in" & a formula to help decide what makes financial sense?   I guess I should ask some local realtors about the demand & rates for rentals here.  I don't think there are many rentals around, but that doesn't necessarily mean there isn't demand for them.  

Does this scenario scale up well?  If I had more lakefront rental homes available nearby would it be easier to manage?  

This thread has me thinking about high-end rentals.  ( I'll start a new thread instead of hijacking this one. )

I've read that Febreeze will neutralize all kinds of odors, even Skunk.  

I'd pay off that credit card.  ;)

Thanks Andy,

But we aren't ready to sell yet.  I'm just looking into the possibility of gaining the few extra feet needed for a 4th lot. 

If Crescent won't sell maybe a neighbor will, for the right price.  We could purchase it, and give it back to him as a right-of-way so he wouldn't really lose anything.  That might be an option.  

 You'll notice a lot of members here include a link below their signature.  You'll have judge for yourself which sites look best to you.  

My brother and I each inherited adjoining lots on Lake Norman, in NC.   Property here has become quite valuable and to maximize the value I'd like to subdivide them.  Mine is large enough to split, but his is not.  Together they total 1.93 acres, so are just 3050 sq ft shy of being four 0.5  acre lots.  :(

Crescent Land & Timber (Duke Energy) owns the lake.  I wonder if it would be possible for us to purchase the 3050 sq ft from them along the shore?  Has anyone here done that?  I wonder how much they might ask for it?  (They billed my dad for their own mis-survey of the shore 40 years ago!)